US accuses Gemini crypto exchange of manipulating bitcoin price

The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Gemini Trust Co. for providing false information about the spot price of bitcoin when it was considering whether to allow the exchange to launch futures contracts.

The CTFC stated that in 2017, the exchange provided false information in personal contacts and documents, violating the provisions of the Commodity Exchange Act and other regulations. Since the futures contract is linked to the price of bitcoin on the exchange itself, any manipulation of the coin’s value can be considered manipulation of the price of the futures contract.

The Commission calls for fines to be imposed on the exchange and a ban on Gemini and its affiliates from trading and attracting investments.

Representatives of the exchange deny the allegations and are ready to prove their position in court.